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Iceland
Joined August 2022
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PERP DEX THESIS UPDATE:
Still farming perp DEXs every day, stacking cost-effective points via manual + automated delta neutral funding arb.
Wanted to explain the projects I’m most bullish on + my strategy stack.
Personally I have a lot of point equity already, but I still feel underexposed in certain projects.
I have a small bag on GRVT and wish I farmed it harder. Same with @BullpenFi points and @extendedapp.
Top 3 perp DEXs I’m most excited about that still have a TGE:
@pacifica_fi
Undervalued and overlooked.
Building their own L1, seamless UX/UI, goated team.
I suspect around 1.5–2% of HYPE’s FDV upon TGE.
Was one of the first 100 users and currently Top 100.
@variational_io
Highest chance to become the #2 perp DEX and compete with Lighter.
Expecting roughly 3% of HYPE’s FDV upon TGE.
Definitely regret not aping harder back in July 2025 when daily volume was only $1–5M.
Still Top 300.
@inkonchain
Kraken’s chain.
From a psychological perspective, Kraken should crime this. I wouldn’t be surprised to see a $2–3B+ valuation.
Top 300 on @nadoHQ.
Still farming those three pretty hard right now.
Other projects I’m bullish on / testing that are still earlier: (comment any I missed
• OndoPerps
• Hotstuff
• Propr
• Txflow
• Bulk
• Lighter S2
• Extended
• Bullpen
• Ethereal
• RiseX
Holding:
HYPE (PT 150)
LIT (PT 10)
👨🌾 Farming perp DEXs throughout the bear has consistently produced some of the highest ROIs I’ve ever seen, provided your cost per point stays low and you actually understand how each project’s points system works.
Hyperliquid, Lighter, Aster, and hopefully Variational have shown that the upside can be enormous. I and many others have personally hit a bunch of 10-50Xs consistently.
The earliest beta phases are usually where cost per point is lowest. That’s where the biggest edge exists.
📋 How I approach multiple wallets & reverse engineering point systems:
• Track everything in a spreadsheet.
• Treat every project like a science experiment.
Run 5–10 wallets using different strategies:
volume
open interest
holding time
different trading pairs
newer markets
manual vs automated strategies
delta neutral funding arb
Every week calculate your cost per point, compare wallets, identify patterns, adjust, and repeat.
The goal is minimizing your cost per point.
One example:
Back in February–March ‘25, after a lot of testing, I found that one project’s points system was heavily rewarding liquidation events. 1$ liq = 1 point.
By getting self liq and hedging on another alt. You could acquire points for sub 0.50$
Those same points later ended up being worth roughly $100 each.
Same with Hyperliquid. Some weeks I got points for sub 1$ which ended up being worth 400$
That’s why being early matters + having an effective point maxxing Strat.
The four pillars of successful airdrop farming:
Bet on winning projects.
Be early.
Execute the most cost-effective points strategy.
Size aggressively once you’ve validated the edge.
Airdrop farming will never die as long as crypto exists.
It’s still one of the fairest ways to distribute ownership to early users, and I still believe the perp DEX sector is massively undervalued.
Some great accounts to follow:
@onchainmonk (doesn’t miss a single play)
@CallumOnCrypto (amazing variational write up, serious grinder)
@PointsGoblin (points maxxer pro)
@givenoxbt (funding arb pro)
@DidiTrading (GOAT)
@wronguser000 (another goat)
@derteil00 (another goat)
(Sorry if I missed anyone.)
It’s time for the second perp DEX leg. 💹
Also I’ll be active on X again, realized I could have made my followers a lot of money by posting about variational early & I missed out on a lot of ref gains too😂
Why I’m farming @ImperialPerps 👑
Imperial is the most overlooked & underfarmed perp dex on my radar.
A few reasons I’m bullish:
• The proprietary perp AMM. Imperial quotes trades on Solana while hedging exposure through deeper external markets. Prop AMMs have already changed Solana spot trading. Bringing actively managed liquidity to perps improves execution and capital efficiency.
• Distribution. Solana already has a massive trading audience. Imperial brings access to multiple venues into one Solana trading experience, reducing the friction of moving between platforms and managing separate accounts.
• Armada. Positions on Solana, execution hedged through Lighter, and 1 bp trading fees. Up to 250x leverage.
•Raj & Toly are angel investors. & there’s an opening spot to being the #1 perp dex on Solana especially with their support & relatively weak competition
I could see a 150-300M FDV on TGE if they execute well and growth accelerates, meaning ROI at current weekly volumes (25M weekly) would be 1,000%+ ROI
Referral: imperial.space/refer/Lev
Have more Armada codes as well if these have been used DM me LEV-Z2F4TA
LEV-SLVZJB LEV-86GJ73
Will be posting daily with more perp DEXs im farming, updates/guides/ trade setups. Got a website I'm cooking up as well should be out shortly & will be sharing my points strategies as well.
🤖 Made with AI
Sufficient Leverage retweeted
Applied Materials $AMAT perps are now live with zero fees and up to 20x leverage.
We are now 100% complete with our Phase 1 listing plan of 100 Tradfi Markets in 90 days.
New Tradfi Perps will be listed alongside our Phase 2 Swaps listings.
Perp dex supercycle leg 2 is forming nicely…
The next 6 months could be life changing time to lock in.
hyperliquid:native + ethereum:0x232ce3bd40fcd6f80f3d55a522d03f25df784ee2 barbell
+
Farming: (delta neutral arb/longing hype/lit)
Higher conviction plays that aren’t early but still +EV to get points
@variational_io @pacifica_fi @nadoHQ @extendedapp @BullpenFi
Projects in early phases to pay attention to (hint: try them out for yourself, whichever you like using the best usually ends up doing the best)
@TxFlow_L1 @risextrade @bulktrade @ProprXYZ
What other early project am I missing?
PERP DEX THESIS UPDATE:
Still farming perp DEXs every day, stacking cost-effective points via manual + automated delta neutral funding arb.
Wanted to explain the projects I’m most bullish on + my strategy stack.
Personally I have a lot of point equity already, but I still feel underexposed in certain projects.
I have a small bag on GRVT and wish I farmed it harder. Same with @BullpenFi points and @extendedapp.
Top 3 perp DEXs I’m most excited about that still have a TGE:
@pacifica_fi
Undervalued and overlooked.
Building their own L1, seamless UX/UI, goated team.
I suspect around 1.5–2% of HYPE’s FDV upon TGE.
Was one of the first 100 users and currently Top 100.
@variational_io
Highest chance to become the #2 perp DEX and compete with Lighter.
Expecting roughly 3% of HYPE’s FDV upon TGE.
Definitely regret not aping harder back in July 2025 when daily volume was only $1–5M.
Still Top 300.
@inkonchain
Kraken’s chain.
From a psychological perspective, Kraken should crime this. I wouldn’t be surprised to see a $2–3B+ valuation.
Top 300 on @nadoHQ.
Still farming those three pretty hard right now.
Other projects I’m bullish on / testing that are still earlier: (comment any I missed
• OndoPerps
• Hotstuff
• Propr
• Txflow
• Bulk
• Lighter S2
• Extended
• Bullpen
• Ethereal
• RiseX
Holding:
HYPE (PT 150)
LIT (PT 10)
👨🌾 Farming perp DEXs throughout the bear has consistently produced some of the highest ROIs I’ve ever seen, provided your cost per point stays low and you actually understand how each project’s points system works.
Hyperliquid, Lighter, Aster, and hopefully Variational have shown that the upside can be enormous. I and many others have personally hit a bunch of 10-50Xs consistently.
The earliest beta phases are usually where cost per point is lowest. That’s where the biggest edge exists.
📋 How I approach multiple wallets & reverse engineering point systems:
• Track everything in a spreadsheet.
• Treat every project like a science experiment.
Run 5–10 wallets using different strategies:
volume
open interest
holding time
different trading pairs
newer markets
manual vs automated strategies
delta neutral funding arb
Every week calculate your cost per point, compare wallets, identify patterns, adjust, and repeat.
The goal is minimizing your cost per point.
One example:
Back in February–March ‘25, after a lot of testing, I found that one project’s points system was heavily rewarding liquidation events. 1$ liq = 1 point.
By getting self liq and hedging on another alt. You could acquire points for sub 0.50$
Those same points later ended up being worth roughly $100 each.
Same with Hyperliquid. Some weeks I got points for sub 1$ which ended up being worth 400$
That’s why being early matters + having an effective point maxxing Strat.
The four pillars of successful airdrop farming:
Bet on winning projects.
Be early.
Execute the most cost-effective points strategy.
Size aggressively once you’ve validated the edge.
Airdrop farming will never die as long as crypto exists.
It’s still one of the fairest ways to distribute ownership to early users, and I still believe the perp DEX sector is massively undervalued.
Some great accounts to follow:
@onchainmonk (doesn’t miss a single play)
@CallumOnCrypto (amazing variational write up, serious grinder)
@PointsGoblin (points maxxer pro)
@givenoxbt (funding arb pro)
@DidiTrading (GOAT)
@wronguser000 (another goat)
@derteil00 (another goat)
(Sorry if I missed anyone.)
It’s time for the second perp DEX leg. 💹
Also I’ll be active on X again, realized I could have made my followers a lot of money by posting about variational early & I missed out on a lot of ref gains too😂
Sufficient Leverage retweeted
Venice($VVV)'s Ecosystem Map
1) Is the third AI boom coming to crypto?
2) Recently, the rise of $VVV has been anything but ordinary.
3) Undervalued $POD surged 10x after its connection with Venice emerged, leading the market to reprice its value.
4) Let’s take a look at the @AskVenice Ecosystem.
************************************
Official Token
1️⃣ Venice AI $VVV (@AskVenice)
- @AskVenice's official token
- The team's steady buyback & burn
0xacfE6019Ed1A7Dc6f7B508C02d1b04ec88cC21bf
2️⃣ Diem $DIEM (@AskVenice)
- @AskVenice's official token for subscription
- 1 $DIEM = 1 token on @AskVenice's AI model
- Founder Jesse Proudman(@jesseproudman)’s 12 years of work experience at Blue Box, followed by an additional 2 years at @IBM after the company was acquired by IBM
0xF4d97F2da56e8c3098f3a8D538DB630A2606a024
Official Partnership
1️⃣ Strike Robot $SR (@StrikeRobot_ai)
- Agent of @virtuals_io
- Private-first Robotics Project on @base
0x10c56f005a379f8eafc88ff5c3f40d30f0031ac9
2️⃣ Dolphin $POD (@dphnAI)
- Partnership with @AskVenice in the AI Model 'Dolphin Mistral 24B Venice Edition'
- Dolphin Mistral 24B Venice Edition : uncensored LLM
- Co-Founder Eric Hartford(@QuixiAI)’s career history includes joining @Microsoft three times, working at @eBay for 2 years, and working at @intel for 1 year.
0xed664536023d8e4b1640c394777d34abaff1df8f
3️⃣ Warden Protocol $WARD (@wardenprotocol)
- Partnership with @AskVenice in the AI Agent Infra
- Founders Josh Goodbody(@JoshGoodbody), Luis Vaello Garcia and David Pinger’s career history at @Binance
0x6dc200b21894af4660b549b678ea8df22bf7cfac
4️⃣ Morpheus $MOR (@MorpheusAIs)
- At the time of its launch, @AskVenice was built atop the Morpheus Network
0x092bAaDB7DEf4C3981454dD9c0A0D7FF07bCFc86
5️⃣ Bonfires *$KNOW (@bonfiresai)
- Partnership with @AskVenice in the AI inference infra sector
- TGE : 2026 2Q
6️⃣ Hyperbolic (@hyperbolic_labs)
- Partnership with @AskVenice in the GPU sector
7️⃣ OpenRouter (@OpenRouter)
- Partnership with @AskVenice in the AI Model
- Founder Alex Atallah(@alexatallah), @opensea Co-Founder
- COO Chris Clark’s career history includes working at OpenAI for 10 years and 3 months
8️⃣ Fleek (@fleek)
- Partnership with @AskVenice in the privacy-first AI inference
Possibility of partnership
1️⃣ AntSeed *$ANTS (@antseed)
- VV Beta playbook
- @ErikVoorhees follows their @X
- @AskVenice supports their AI Model?
0xa87EE81b2C0Bc659307ca2D9ffdC38514DD85263
2️⃣ Hermes OS $HermesOS (@HermesOScloud)
- @AskVenice supports their AI Model?
- @ErikVoorhees showing interest in the company's model
- AI agent hosting infra that deploys Hermes Agent within 5 minutes
0x95ccfd2b81a9667b0cc979992632f98fc853eba3
3️⃣ Cyb3rwr3n $Cyb3rwr3n (@cyb3rwr3n)
- $VVV beta playbook
- TGE from community on @bankrbot
- @AskVenice's dev(just rumor) claims bankr fee
- @AskVenice's core members follows their @X
- Official @AskVenice Discord Server → Channel 'markets' → thread 'Cyb3rWr3n'
0x26e6e2e7a9289b6485c53cd498de510d3a8c8ba3
Competitors
1️⃣ Flock $FLOCK (@flock_io)
0x5aB3D4c385B400F3aBB49e80DE2fAF6a88A7B691
2️⃣ OpenGradient $OPG (@opengradient)
- Co-Founder Adam Balogh(@kukac24)’s 6 years of work experience at @PalantirTech
0xfbc2051ae2265686a469421b2c5a2d5462fbf5eb
************************************
💞 Please Like + Retweet if you enjoy this
🚫 Disclaimer
*This information is not financial advice, and you are always responsible for the investment.
**The above information can be changed to reference materials, and the provided information and actual information may be different, so please check the fact yourself.
What is @nadoHQ and why are people suddenly trading on it?
I’ll keep the thesis simple, @nadoHQ is INK’s (@inkonchain) flagship perp dex, INK is Kraken’s (600M revenue q3) chain, nado points will convert to INK at tge
Binance - > BNB - > 120B
Coinbase - > COIN - > 60B
Kraken - > INK - > xxB?
$INK is being severely overlooked right now, but this will probably change over the next couple weeks
Will be grinding out 10M volume asap and drop some codes in the replies
Napkin math tells me at 2B FDV 2% airdrop for NADO users, ROI will be 5-10X fees paid on average, but this is subject to change as volume continues to increase, hence why I’m going for volume right now
Keep clicking yall, also been using @extendedapp and @grvt_io will drop my thesis on each one over the next 2 days
-Perp Dex Winter ❄️📈
Sufficient Leverage retweeted
2025 feels to me like an industry wide adjustment period where seemingly overnight crypto went from ostracized outsiders to accepted insiders and the natives who have been around for years are too traumatized to believe this
The new regulatory frameworks and legislation that’s been passed, and the institutional adoption that comes with it are being carved in stone. There is no going back
I think this will become increasingly obvious over the next 6-12 months and absolutely none of it is priced in yet
🌊 A Deep Dive into Pacifica 🌊
@pacifica_fi quite often gets asked : "What sets you apart in the sea of perp DEXs?" So I'll help sum up the answer on behalf of them.
Their insanely stacked team sums up the answer because to me this is the most vital part of a projects trajectory, along with PMF and I strongly believe the PMF is there for a solid perp dex.
Some of their builders include:
• @ConstanceWaing - ex-COO of FTX & co-CEO of FTX Digital Markets
• @The0xJose - ex-founder of NFT Perp
• @Wei12wang - ex-FTX engineering
Plus talent from Binance, Coinbase, Jane Street, Fidelity, OpenAI, DeepMind, ByteDance. These are people who've built the infrastructure that has dominated the crypto trading landscape. With their combined experience, it gives them a huge advantage among others
Their execution speaks volumes:
• Testnet shipped in 3 months
• Mainnet live in 6 months
• Most teams take 2+ years for what they delivered in half the time
The product itself is very solid I've been enjoying using it it reminds me of a decentralized FTX:
• Smooth, intuitive UX/UI
• Hybrid engine: off-chain matching speed + on-chain settlement security
• Full self-custody
• Completely self-funded
• Long-term vision. Pacifica is building sustainable infrastructure for the next decade of trading, with capacity for scaling
• AI strategy & development, multi collateral, copy-trading, vault on deck
Recent exponential growth has shown an increase in daily active traders going from ~200 to ~800 in about a month, and daily volume going from ~5M to ~25M a day, and they have just recently only started their growth campaigns. At this velocity + with the team's competency I have high conviction that Pacifica will establish themselves as a top player in perp DEX ecosystem.
Perp DEX wars are heating up, best time to get started is now, so if you are an active futures trader DM me and I can provide you an early access code, my codes give a 5% bonus. Also since it's still super early, if you try it out give feedback on the product in their discord as this is super useful to a team while they are at ground zero, also the roles you get could mean something in the future 👀
~Perp Dex Summer 🌊
(Been using Pacifica to long ETH on this move up)
Interview with @satoshiheist
teapawt.net/GreeksLive/status/1952…
Greeks Live x Constance and Greg from Pacifica teapawt.net/i/broadcasts/1yNxaLLLa…
☀️🌊Perp DEX Summer & Pacifica 🌊☀️
Today, on-chain Perp volume sits at just 8% of the market, and that gap won't stay this wide for long as traders are starting to move towards DEXs from CEXs for many reasons: self-custody, no KYC, no frozen assets, transparent execution, permissionless listings, aligned incentives, and with recent improvements in the speed, performance and liquidity, the pros of trading on a DEX now heavily outweigh trading on a CEX.
The main differentiating factor from DEXs to CEXs are incentive based rewards, with DEXs opting to follow a Hyperliquid-style playbook, a large % of the supply is allocated for the community in the form of Airdrops. Airdrops on DEXs turn those rebates into equity where early users earn the biggest stake. In front running those top projects in the right ecosystems is where unique and incredible opportunities are bred. I was fortunate enough to be the first 200 traders on Lighter, and now that there are 60k active traders, it is quite literally 1000x harder to get points, pointing to the cruciality of getting in at ground zero. This is why I see vast upside in being an early trader and supporter of @pacifica_fi.
Pacifica is a hybrid model futures platform; CEX-speed off-chain matching engine and orderbook, with on-chain settlement and self-custody. Built on Solana, fully self-funded, team is stacked with a lot of former FTX engineers/COO, they proved their capabilites by building the exchange from scratch in 5 months. Their Closed beta went live on June 10th and there are currently ~600 active traders clearing ~25$M volume daily, fills and liquidity are getting a lot better as user base grows, and as more whales are arriving. On deck they have AI strategies and execution, copy-trading, vaults, multi-collateral, lending & borrowing, shaping towards being a decentralized FTX, minus the backdooring of user funds haha. They have a points system going live soon but there is speculation on closed beta usage being retroactively rewarded in the future so now is the best time to get started and to try out the platform for yourself. Have personally generated millions of volume and have been enjoying using it the UX/UI is really fire and smooth.
If you trade futures or are into perp dexs and would like an early access code to Pacifica DM me and I can get you sorted.
🌊A tsunami is coming...🌊
🌊Not Pacifica-fied yet? @pacifica_fi 🌊
Let me change your mind 👇
The Perp DEX market share is on the rise:
• Perp DEX performance, speed, and liquidity have vastly improved over the years, with the no KYC aspect, incentives for traders, and transparency, trading on a DEX heavily outweighs trading on a CEX and the market is picking up on this
• Pioneered by Hyperliquid, Perp DEX to CEX volume ratio is now 30% (spot) and 8% (perp) and is continually growing
• Hyperliquid currently has 65% market share, and is healthily going down due to the influx of competitors
• People don't want to miss out on another perp DEX
This breeds opportunity for gaining exposure to HL's top competitors at ground zero.
🌊 Why Pacifica? 🌊
• Fully self-funded, with no plans to raise, they will likely do a large % of supply for community, embodying the ethos of Hyperliquid and crypto itself (unlike CEXs)
• Team is stacked; they have experts from Coinbase, Binance, FTX, OpenAI, ByteDance, etc., and they've shipped their product from scratch in only 6 months, exemplifying their best-in-class skills
• Operates a Hybrid model: CEX-speed off-chain matching engine and orderbook, with on-chain settlement and self-custody, taking and combining the best aspects of both CEXs and DEXs
• Gasless ZK-powered perps with 50x leverage
• Unified accounts, Multi collateral, AI agent tooling, strategy & execution, Lending & borrowing coming soon
• Smooth, sleek and aesthetic UI / UX
• Community is forming nicely, there are lots of incentives for early users: trading competitions, currently there is a referral bootcamp ongoing, and points system is going live soon, although it is very likely that current closed beta activity will be rewarded
• Only ~500 active traders now; user count been doubling every two weeks giving prime entry window
Currently still in closed beta, so you need an invite code in order to sign up. If you are a serious trader and want to try out Pacifica, comment or DM me for codes
I am super bullish on Pacifica and Perp DEXs in general, and I will continue to document my journey daily so follow to stay updated, will post in-depth guides, trading setups, and more early Perp DEX alpha.
🌊Keep swimming 🌊
Previous thread I wrote on Pacifica:
teapawt.net/Sufficient_Lev/status/…
Pacifica discord: discord.gg/pacifica
Docs: docs.pacifica.fi
X: @pacifica_fi
Website: app.pacifica.fi
Missed $Hype Missed @Lighter_xyz?
Don't make the same mistake now;
I believe @pacifica_fi will become of the top performing Perp Dexes and is the most +EV place to trade perps right now 🌊🌊
Here's Why: 🧵
🎯ALT SZN UPDATE 2 🎯
Btc.d down 4% already since the 12 days from the original post
ETH -> +37%
HYPE -> +16%
KTA -> +9%
BTC -> +8%
Might see a small pullback this week then everything will continue sending 📈
Primarily using @pacifica_fi to trade, currently in closed beta upside is high to start using the platform, team is stacked, platform is smooth, and community is forming nicely. Could see it becoming a top 5 perps dex. My pinned has more info if interested.
🌊 DM me for a Pacifica code 🌊
This quoted post is unavailable.
$GP
The revenue + flywheel meta is here to stay thanks to Hyperliquid.
Plays so simple even a tradfi bro would buy;
Platform makes lots of $$$ —> used to buy token, ratio of buyback to market cap was super off —> revenue increases —> price increases as inefficiency gap closes
as seen with HYPE and now $GP, helps that BTC is ATH and we’re in a bull market though
Where were you during the great DEX war of 2025?
